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XpressBees Soars with $80M Series G: Unveiling the Logistics Leader's Path to Expansion

Updated: Jan 27

XpressBees, a prominent logistics company catering to the e-commerce sector, recently concluded its Series G funding round, raising a substantial $80 million. This investment, a combination of primary and secondary capital, was secured from Teachers' Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan, in November of the previous year. Although XpressBees didn't disclose specific details regarding the funding, Fintrackr delved into regulatory filings to unravel the breakdown of the round, including the cap table and precise valuation.

In the primary round, XpressBees raised Rs 574 crore (approximately $70 million) by issuing 21,665 shares at an issue price of Rs 2,48,274 per share. The remaining portion of the funding was allocated for the buyback of Employee Stock Ownership Plans (ESOPs) or shares from existing shareholders. The infusion of fresh capital is earmarked for bolstering the company's growth initiatives and expanding its operational footprint, as highlighted in the regulatory filings.

With this latest investment, Ontario Teachers will secure a 4.47% stake in XpressBees. The company's valuation post-allotment stands at approximately Rs 12,450 crore or $1.5 billion. Concurrent with the Series G round announcement, XpressBees' board authorized a buyback program for its employees, totaling Rs 55 crore. The company's total ESOP pool is estimated to be around $55 million

Having amassed over $390 million in funding across various rounds to date, XpressBees boasts an impressive roster of investors. Notably, Alibaba holds the largest external stake at 17.2%, followed by Blackstone Growth and Norwest Ventures.

Despite the challenges posed by the market landscape, XpressBees demonstrated robust financial performance in the previous fiscal year. Operating revenue surged by 33% to Rs 2,531.5 crore, albeit with a recorded loss of Rs 180.4 crore during the period. Moreover, in a strategic move to augment its capabilities, XpressBees ventured into acquisition territory by acquiring Trackon, a logistics and supply chain firm. This acquisition, the first of its kind for the company under the leadership of Amitava Saha, signifies a strategic step forward in its growth trajectory.


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